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9 Cards in this Set

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Appointed Actuary's Report




Purpose

Give OSFI a comprehensive report documenting the work done by the actuary to calculate policy liabilities

Appointed Actuary's Report




Intended Audience

OSFI, Company Management, Regulators



Report should be generally understandable


Appointed Actuary's Report




Reinsurance Disclosures

-Dispute with reinsurer


-Reinsurance collectible is significantly overdue


-Reinsurer has a history of not settling accounts properly


-Reinsurer is known to have been the subject of regulatory restrictions in its home jurisdiction


-Reinsurer has poor credit rating

Appointed Actuary's Report




Minimum considerations - Claims Liabilities

-Trends in frequency & severity


-Important changes in coverage


-Changes in cost of reinsurance


-Changes in lags in reporting and payment


-Change in loss reserving practices


-Effects of regulatory changes

Appointed Actuary's Report




Premium Liabilities - must comment on

-Expected losses, loss expenses and servicing costs on in force policies


-Anticipated broker/agent commission


-Expected adjustments to swing-rated policies


-Expected changes to premiums due to audits, late reporting, endorsement


-Expected commission adjustments on policies with variable commission

Appointed Actuary's Report




DCAT Disclosures

-Date DCAT signed by Actuary


-Date DCAT presented


-To whom DCAT was presented


-Presentation in person or written


-ate used as the start of the projection period in DCAT report

Appointed Actuary's Report




Filing Deadline

60 days after fiscal year end

DCAT filing deadline

Earlier of


-30 days after presentation to the Board, audit committee or chief agent, or


-1 year after fiscal year end

Peer Review Report - filing deadline

30 days after its transmission to the Board, Audit Committee or Chief Agent